Top 2024 stock market performers include several health care stocks with unique catalysts as well as a buy now, pay later financial technology company.
Here are the 10 best-performing stocks of 2024 among companies that trade on major U.S. exchanges and have market capitalizations of at least $1 billion:
Clover Health Investments Corp. (CLOV)
Clover Health Investments is a data-driven health insurance company. Its Clover Assistant proprietary software platform aggregates patient data from throughout the health care system to improve health outcomes and support clinical decision-making. In September, the company’s Counterpart Health subsidiary announced a new multiyear deal with The Iowa Clinic to use Counterpart’s artificial intelligence-powered physician enablement platform. The stock gained momentum in early October, and Clover subsequently announced the Centers for Medicare and Medicaid Services has increased the star rating of Clover’s PPO Medicare Advantage plans to four stars for 2025.
Clover’s stock is up 332.7% year to date.
Avidity Biosciences Inc. (RNA)
Avidity Biosciences uses its proprietary Antibody Oligonucleotide Conjugates (AOC) platform to design RNA therapeutics that combine the tissue selectivity of monoclonal antibodies (mAbs) with the precision of oligonucleotide-based therapies to more effectively target underlying genetic drivers of diseases. The company has three programs in clinical development: AOC-1001 for treating myotonic dystrophy type 1 (DM1), AOC-1044 for treating Duchenne muscular dystrophy (DMD) and AOC-1020 for treating facioscapulohumeral muscular dystrophy (FSHD). The stock jumped in June when Avidity reported AOC-1020 demonstrated “unprecedented efficacy” in mid-phase clinical trials, reducing DUX4 regulated genes significantly.
Avidity shares are up 366.9% year to date.
Carvana Co. (CVNA)
Carvana is an online used car sales platform that allows buyers to have cars delivered directly to their homes. Incredibly, after ending 2023 as one of the 10 best-performing stocks in the market, Carvana is positioned to earn that distinction again in 2024. Carvana’s stock soared nearly 20% on Oct. 31 after the company reported $148 million in net income and 32% revenue growth in the third quarter. Net income was down sharply from a year ago, but well above analyst expectations. After gaining more than 1,000% in 2023, Carvana’s 367.1% gain in 2024 is nothing to scoff at either.
Janux Therapeutics Inc. (JANX)
Janux Therapeutics is a clinical-stage biotechnology company developing immunotherapies that generate tumor-specific immune responses that attack and kill tumors without damaging healthy tissue. The stock ripped higher in late February after Janux reported encouraging safety and efficacy data from its ongoing trials of JANX007 in treating metastatic castration-resistant prostate cancer and JANX008 in treating late-stage solid tumors. The company claims JANX007 has a potential best-in-class efficacy and safety profile. Janux has also been the subject of buyout rumors, and an acquisition could send shares soaring even higher at any time. Janux shares are now up 403.1% year to date.
NuScale Power Corp. (SMR)
NuScale designs and markets small modular reactors (SMRs) used to generate nuclear energy. One of NuScale’s biggest catalysts of 2024 has been an announcement by the Department of Energy that it will be investing $900 million in funding from President Biden’s Bipartisan Infrastructure Law to support the initial U.S. deployments of Generation III+ SMR technologies. Nuclear energy stocks have gained further momentum on headlines that big tech companies Microsoft Corp. (MSFT), Amazon.com Inc. (AMZN) and Alphabet Inc. (GOOG, GOOGL) are all investing heavily in nuclear energy projects to power their massive data centers. NuScale shares are up 481.7% year to date.
Root Inc. (ROOT)
Root is an insurance technology platform that uses data science and innovation to provide personalized insurance to customers. The company operates in 34 U.S. states, and its app has collected more than 29 billion miles of driving data to incorporate into its auto insurance offerings. Root’s 2024 rally began in February when the company reported record revenue and a substantial reduction in net losses. The stock gained 69% on Oct. 31 after Root reported impressive third-quarter numbers as well, including its first-ever quarterly profit. The stock is up 552.5% year to date.
Summit Therapeutics Inc. (SMMT)
Summit Therapeutics is a biopharmaceutical company that is developing treatments for infectious diseases. Its huge 2024 gains are related to SMT112, also known as ivonescimab. Ivonescimab is a potential cancer treatment in late-stage clinical trials for treating metastatic non-small cell lung cancer. Summit shares ripped higher in September when the company reported positive late-stage lung cancer trial data suggesting ivonescimab could potentially challenge leading Merck & Co. Inc. (MRK) cancer drug Keytruda. In the third quarter, Merck reported $7.4 billion in Keytruda sales, up 17% from a year ago. Positive ivonescimab news has sent Summit shares soaring 612.2% year to date.
Longboard Pharmaceuticals Inc. (LBPH)
Longboard Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing therapies for neurological diseases. The company’s bexicaserin (LP352) drug candidate is an oral, centrally acting, 5-HT2C superagonist being tested for the potential treatment of seizures associated with developmental and epileptic encephalopathies (DEEs), such as Dravet syndrome, Lennox-Gastaut syndrome (LGS), tuberous sclerosis complex (TSC), CDKL5 deficiency disorder (CDD) and other epileptic disorders.
Longboard was already one of the best-performing stocks of 2024 even before Lundbeck announced a $2.6 billion buyout of Longboard in October. Following the $60-per-share buyout deal news, Longboard shares are now up 890.3% year to date.
Sezzle Inc. (SEZL)
Sezzle is a financial technology company that specializes in buy now, pay later (BNPL), transactions. BNPL loans are short-term installment loans that allow consumers to pay for purchases over time with no interest. Sezzle has 307,000 active subscribers, and 2.6 million active consumers have transacted with the platform in the past 12 months. Sezzle has reported impressive financial growth metrics, which have been reflected in the stock’s 2024 gains. In the most recent quarter, Sezzle reported 38.9% underlying merchant sales growth and $29.7 million in net income. The stock is up 946.1% year to date.
GeneDX Holdings Corp. (WGS)
GeneDX has industry-leading exome and genome tests that help analyze complex genomic data and improve health system efficiencies, accelerate drug discovery and translate genetic data into diagnoses. The stock jumped in April when GeneDX reported 77% year-over-year growth in exome and genome test revenue and raised its full-year sales growth guidance. Another earnings beat and guidance hike in late October sent the stock to new highs. After years of abysmal performance culminating with a 1-for-33 reverse stock split in May 2023, investors seem to finally be on board with GeneDX. The stock is up 2,870.5% year to date, making it the single best-performing stock this year among U.S.-listed companies worth at least $1 billion.